Lynk, the SocialFi platform helming the push of the Web 3.0 era, has announced the launch of its NFT staking portal that will help users unleash the potential of their Lynk NFTs.
Starting from 13th March 2023, 05:00 UTC, members are able to stake their Finder and Keeper NFTs to earn attractive yield daily, with additional opportunities to accelerate their rewards through community-led activities and challenges.
What is NFT Staking?
NFT staking involves temporarily locking NFTs on a specific platform or protocol to gain rewards and other benefits. It is a process that enables NFT holders to utilize their unused assets without having to sell them. This mechanism operates similarly to the staking of cryptocurrencies, where a participant can participate in the staking process with just a digital wallet.
Staking NFTs allows users to earn passive income from their idle assets. The NFTs remain in the possession of the user, and they have the freedom to remove them from staking at any time. This presents an incredible opportunity for NFT holders, as they now have an additional source of revenue generation without needing to sell off their NFTs. Similar concepts have surfaced after the introduction of NFT staking, such as NFT lending or fractionalized ownership of blue-chip NFT collections.
NFT staking may seem like a novel concept, but several prominent players in the blockchain space have already begun experimenting with it. Binance, perhaps the world’s biggest centralized exchange, launched an Ape NFT Staking Program for users who own NFTs within the Bored Ape Yacht Club (BAYC) to earn daily rewards.
Lynk NFT Staking
Lynk is hoping to replicate the same level of success for its NFT collection, and they are doing so with a twist – while staking, users are able to level up their Finder and Keeper NFTs at the same time to maximize their daily rewards.
Finder and Keeper NFTs hold the keys to unlocking the mysteries behind the LYNKVERSE. Both NFTs have 4 attributes: Charisma (CA), Vitality (VA), Dexterity (DX), and Intellect (IN). These attributes directly influence the amount of rewards users can receive daily when they stake their NFTs.
Lynk currently offers an attractive Annual Percentage Yield (APY) ranging from 256-438%. There will not be any additional fees levied on the staking process. Users will only have to pay a nominal gas fee, thanks to Lynk’s deployment on the layer 2 Arbitrum network.
A decentralized platform that aims to build and foster a thriving community in the Web3 economy, Lynk provides its users with a unique virtual world LYNKVERSE where they can interact with others, form new partnerships and alliances, participate in various activities, and express themselves through their very own Finder and Keeper NFTs.
Committed to empowering its community with the best tools and resources to succeed in a decentralized world, This new staking initiative represents Lynk’s desire to push the boundaries of NFTs, and provide users with more opportunities in the world of Web3.
To stay updated on Lynk’s progress and its latest announcements, be sure to follow the platform’s social media channels.